If you have an innovative media technology idea, you might be able to get funding from the Knight News Challenge contest.

Run by the Knight Foundation, the grant competition awards up to $5 million annually for innovative projects that use digital technology to transform the way communities send, receive and make use of news and information.

More info can be found here: http://newschallenge.org . The site includes application information, as well as details about past winners.

This year's application deadline is December 1. The News Challenge is looking for applications in four categories: mobile, authenticity, sustainability and community. All projects must make use of digital technology to distribute news in the public interest.

The contest is open to anyone in the world. A simple description of the project is all you need to apply. Submit a brief pitch to http://newschallenge.org . If the reviewers like it, you'll be asked to submit a full proposal later.